Chesapeake Energy has been promising investors that the deal would come to fruition, but most analysts thought the deal wouldn't be announced until the first quarter of 2013. However, management finalized the deal before Christmas, sending the company's remaining midstream assets to ACMP in return for $2.16 billion. This deal will put Chesapeake on pace to close 2012 with a net debt around $9.5 billion, meeting management's two-year debt reduction plan. Will this first milestone be the kick start Chesapeake needs?

Joel South has no positions in the stocks mentioned above. Taylor Muckerman has no positions in the stocks mentioned above. The Motley Fool has the following options: long JAN 2013 $16.00 calls on Chesapeake Energy, long JAN 2014 $20.00 calls on Chesapeake Energy, long JAN 2014 $30.00 calls on Chesapeake Energy, and short JAN 2014 $15.00 puts on Chesapeake Energy. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Author

Joel is a University of Washington graduate and covers energy and materials for The Motley Fool. Be sure to follow The Motley Fool's energy and materials Twitter for all your energy and materials coverage.
Follow @tmfenergy